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Bitcoin Explodes In South Korea According To Google Trends Reports

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Bitcoin explodes in South Korea as its banks and government are all turning to crypto, at least this is what Google trends show and we read more about it in the latest cryptocurrency news.

For the past week, South Koreans have been getting their hands on bitcoin more than ever. The google trends charts for Bitcoin searches for the last week can show you the exact same thing. There is also a pattern forming if you take a look at the high points. The searches reached a peak at the same time every day. By looking at the Google Trends chart for South Korea, you can see that at 7 AM almost every day for the past week, bitcoin searches reach their peak. It looks like the people of the country are waking up thinking about bitcoin or reading about it on their way to work in the subway or on the bus.

The country has about 50 million people and is a major high-tech hub that’s huge on consumer electronics and global innovation. This is one of the reasons why bitcoin explodes in the country and the interest keeps on increasing for other cryptocurrencies as well. South Koreans have had a big appetite for bitcoin for a long time now and they have even paid above the market price for the Kimchi Premium.

According to a report by the Cindicator intelligence firm, the recent regulation and the crypto exchange industry but also the country’s history and culture are all major factors when it comes to mass bitcoin adoption and acceptance. In fact, as we mentioned in the altcoin news previously, South Koreans make up to 30 percent of total cryptocurrency trading globally. Also, more than 30 percent of workers in the country have their salaries in crypto assets and trade with a varying degree of frequency.

The government also allocated about $880 million in order to work on blockchain development since the beginning of the year, creating a perfect climate condition for Bitcoin adoption. Moreover, the largest bank by assets in the country KB Kookmin announced a couple of days ago that it will develop its own custody solutions and potentially create their own cryptocurrency.

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Why Is Bitcoin Still Hovering Around 5 Figures: Analysts Explain

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Why is bitcoin still not reaching the $13,000 price point is the big question the crypto analysts are wondering these days but some of them could have the answers. A few believe there are three main reasons why this is the case and in the coming altcoin news, we read more about it. After the number one cryptocurrency struggled to hold above the $11,000 price point earlier this week, Bitcoin succumbed to selling pressure and fell below the $10,000 level for the first time in three weeks. Before it dropped, some crypto analysts predicted that $10K would be a good bounce point as the price represents huge psychological support. This was not the case however and even after it made a strong upside move from $9,500 and $10,450, Bitcoin is still having a hard time to stay above $10,100. Let’s find out what the reasons are. Back a month ago, Primitive Crypto founding partner Dovey Wan attributed the sharp correction due to the PlusToken Chinese Ponzi scheme which managed to acquire more than 200,000 Bitcoin and more than 800,000 Ethereum from naïve investors in the country. According to her, not all of the members of the PlusToken team has been arrested and the data from the cybersecurity auditing company Peckshield shows that more than 1,000 Bitcoin was transferred recently to Bittrex, and Huobi from the PlusToken accounts. She is also convinced that the scammers are shifting their funds into small batches on different exchanges and that she found a chat where the Chinese traders are saying that someone has been dumping 100 BTC on Binance. The CME Bitcoin Futures gap is another reason to likely influence the price of the number one cryptocurrency due to the existence of the gap as the reason why it struggles to reach a level below $10,000. The gap is mainly there because of the Bitcoin price moving over the weekend while the CME futures are closed. The gap is also the reason for concern since the traders are setting the price as a target that has to be filled at some point when a certain asset corrects itself. As the third reason why is bitcoin not reaching a five-figure position is the consolidation phase that will continue to bounce bitcoin between $9,000 and $14,000 until an exciting move and momentum build up over the 2020 halving event as we noted in the latest cryptocurrency news.
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Altcoin News

Binance Removes US Resident Ban: Launching In “A Month Or Two”

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The Binance CEO is all over the latest cryptocurrency news recently for cofirming that the American branch of the exchange will open within "a month or two." Now that Binance removes US resident ban, they are ready to announce new big things on the platform. In an interview with the outlet Cheddar on Thursday, the CEO of Binance Changpeng Zhao spoke about the planned US regulated exchange and noted that “there are a lot of things in flux, but I would say [we'll launch] in a month or two.” However, as many best cryptocurrency news sites reported in June, Binance has already communicated to their customers that US residents will be prohibited from using the platform starting September 12. This announcement sparked a lot of concerns as it would leave US traders unable to use the services by Binance. Now, however, Binance removes US resident ban and the Terms of Use (which were last revised on August 15) suggested that the exchange has softened its stance on the issue - all while removing any mention of prohibition of use for US residents. The document reads:
3. Prohibition of use By accessing and using the Services, you represent and warrant that you are not on any trade or economic sanctions lists, such as the UN Security Council Sanctions list, designated as a “Specially Designated National” by OFAC (Office of Foreign Assets Control of the U.S. Treasury Department) or placed on the U.S. Commerce Department’s “Denied Persons List”. Binance maintains the right to select its markets and jurisdictions to operate and may restrict or deny the Services in certain countries at its discretion.”
When comparing the wording to the one uploaded in June, it is clear that Binance removes US resident ban. The previous text read that "Binance is unable to provide services to any U.S. person," - which is why the difference is obvious.
Meanwhile, today's Bitcoin and altcoin news show that the situation on the market is the same as yesterday with only minor gains recored by Bitcoin. The altcoins have posted gains of 1% to 6%, accordingly, dropping the Bitcoin dominance to 68.7%.
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Bitcoin News

Bitcoin Dropping Under $8,000 Is Highly Unlikely: Analysts

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The coming altcoin news today show that a lot of cryptocurrencies from the top 10 are recording new gains while Bitcoin is still at $10,380 without much changes overnight. However, analysts believe that Bitcoin dropping under $8,000 is not something that we will see soon - and that even though the cryptocurrency has shed a shocking 12%, good times are coming. Peter Schiff was one of them featured on many best cryptocurrency news sites. As the popular gold bug and anti-crypto commentator said, the bull run is already over and a move back to the bear market levels is imminent. Still, a new tweet from Josh Rager suggests that Bitcoin dropping under these levels is highly unlikely. On his Twitter profile, Rager suggested that BTC and its recent tumult is a clear sign of “one large re-accumulation happening after large players took profits near $14,000”. https://twitter.com/Josh_Rager/status/1162730116327362560 He also added that the price of Bitcoin has potential to drop in the coming weeks - but it is "highly unlikely" that it falls below the high $8,000s" citing the fact that there is a 20-week moving average which suggests that Bitcoin dropping under these levels is not a possibility. As seen in the chart above, Bitcoin already bounced off the 20-week moving average in the previous bull run. At this point, there are technicals supporting a bounce but fundamentals too. As reported by many Bitcoin and altcoin news sites, the New York Stock Exchange-backed crypto venture Bakkt has gotten a green light from CFTC through the self-certification process and user acceptance testing has begun.” All of this could spark medium term trend reversal and suggest that Bitcoin dropping under $8,000 is not something to expect. In fact, the CEO of Bakkt Kelly Loeffler wrote that her company has bagged approval from the NYSE to launch Bakkt Trust Company which will store BTC and other digital assets involved in the firm and its financial vehicles. When speaking about Bakkt’s impending and how it will be “arguably the most bullish event for institutional investors in the history of Bitcoin”, Melker wrote that these futures will demand holders to “produce actual Bitcoin or take delivery from the exchange.”
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Bitcoin News

The Bitcoin Family: A Story Of 5 People Spending BTC For 2.5 Years

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Not every family can benefit from cryptocurrency in many ways. However, for the Bitcoin Family of five, things look different - and they are on the road again - spending BTC and enjoying life. A story with one news outlet went viral on many best cryptocurrency news sites later on, showing that the Bitcoin family sold everything that they owned in 2017 in order to buy Bitcoin. As the father in the family Didi said, he realized that "life could go very fast" and that he "had been running the hamster wheel to just accumulate wealth." The Bitcoin family has been featured almost everywhere. In our latest cryptocurrency news, they are described as a family that got a burnout and started to travel together around the world - mining Bitcoins ever since 2013 and investing in cryptocurrency as their main job. After they saw that crypto has a big potential and that prices are going up and there is "more chatter on forums" about things like Bitcoin news and altcoin news - they came up with a plan and started traveling. As the family says, they wanted to show their kids that happiness is not dependent on wealth. As the Bitcoin family said, they needed "to change life because we had been spoiling our kids and educating them the wrong way." The role of the family, as the interview pictured, is a group of five traveling around the world and trying to educate themselves and prepare as much as possible about the "evolution of technology that will revolutionize the worldwide monetary system," they said. The Bitcoin family even started a new trip recently, which as they said aims to "educate those people that really need to be educated in the true fundamentals of Blockchain and Bitcoin." They also want to help the poor and unbanked as well as charities to "understand how they can be included into the monetary system without the need of a bank account." Didi said: “My goal was not to become a millionaire but to change my life." When asked about his current activities, the head of the Bitcoin family said that they "now try to live day by day and really enjoy the moment and time we spend as a family." They keep most of their Bitcoins on hardware wallets (70% of them) somewhere in Netherlands, as they said. This story and interview were taken from Cryptonews.com.
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